CSM, the Dutch food ingredients group, which last month agreed to sell its international bakery supplies business to US equity firm Rhône Capital for €850m, has achieved virtually flat results for the first quarter.

In North America, its bakery supplies business reported volume was in line with last year - but margins were lower as a result of higher raw material costs. Its ebita before one-off costs for the first quarter was $14.6m, down from $15m in the same period last year.

In Europe, volumes were 2.5% below last year.

The company said a strong development in sales to the supermarket channel were not enough to compensate for lower sales in artisan and industry.

It added that slightly higher prices, a better mix of products and good cost controls enabled an improvement in margins, resulting in first-quarter ebita before one-off costs of €6m.

On 18 June the Dutch group will host a Capital Markets Day to give more details of ambition, strategy, financing structure and targets for the continuing business.